The fate of over 270 members of a group housing society planning to build their homes in Mullanpur near Chandigarh hangs in the balance as the society has been suspended by the Punjab Cooperative Department for failing to fulfil the norms by the promoters.
According to one of the investors, R C Aggarwal, due to internal strife between the promoters - including Ashok Kukreja, the then president of the Sartaj Cooperative House Building Society, Mohali - the investors have been left high and dry as the society has been suspended by the Punjab Cooperative department since January 2013. He added that around 276 members invested in the society in March 2011.
Aggarwal said: "Rules state that the Punjab Cooperative Department should have taken action by holding elections in the society so that the newly elected body could allot plots to the investors, as the society had already entered into an agreement with Altus Space Builder Pvt Ltd which was to allot the plots. Even at this stage, the department should see to it that the interest of genuine investors are safeguarded and that the matter is resolved at the earliest."
He expressed hope that the Punjab Cooperative Department will take up the matter immediately.
When Business Standard contacted a senior official in Punjab Cooperative Department, he confirmed that the society has been suspended by the department due to irregularities committed by the promoters. He added, "We have asked Ashok Kukreja, one of the promoters, to submit all the records to the department for further investigation."
Another investor in the society said that like him, several investors have been left in the lurch by the Sartaj Cooperative House Building Society promoters.
The investors have held several meetings to take stock of the matter but no conclusion has been reached as the promoters were not responding to the members.
